SEI is currently trading around $0.13, with its trading volume surging over 30%. This follows a broader downtrend in the crypto market, marked by red signals across digital assets. Despite this pressure, SEI has shown some resilience, rising by over 1.45% in the past 24 hours. The asset traded briefly above $0.139 before settling at around $0.1362. Its daily trading volume jumped to $95.7 million, a significant increase compared to previous sessions. Notably, SEI’s recent action has triggered resistance near the $0.13-0.1386 range. 30% volume surge on its own indicates increasing investor interest, with over $95.7 Million exchanged in just one day. A key technical observation is that SEI’s price appears to repeatedly hit resistance at a long-term descending trendline. This trend has persisted since early 2024 and has stalled every major rally attempt, creating a potential bottleneck around the $0.22 level. Will SEI break free or remain trapped in a downtrend?
Technical Indicators & Analysis:
The MACD and signal lines are both below zero, indicating a bearish zone for SEI. The Chaikin Money Flow (CMF) shows mild buying pressure at 0.07, while the RSI stands at 48.49, presenting a neutral market condition with no significant bullish or bearish trends. A potential downside correction could send SEI’s price towards its crucial support level of around $0.1355, potentially triggering a death cross and pushing the asset below the crucial $0.1348 mark. However, if the bulls take control, SEI might immediately climb to its resistance at $0.1369. An extended bullish pressure could trigger the emergence of a golden cross, gradually pushing the price past the $0.1376 mark.
Outlook:
The market is currently balanced, with no strong momentum in either direction, and SEI’s price might continue its upward or downward journey in either direction. Notably, SEI’s Bull-Bear Power (BBP) reading of 0.0028 highlights the lack of strong bullish pressure and low buying activity. The market will likely remain cautious as SEI waits for a decisive break above resistance or support level.